New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-17
THE INSURANCE SITUATION.
PLANS OF The NEW OBSERVATION-DISCLOSURES
WITHDRAWING FROM THE CITY.

-, IVA or THE NEW OBSERVATION-DISCLOSURES
WITHDRAWING FROM THE CITY.
III. M, too much to say that the fire insurance market
ho. bern In state panic during the last week. After
the disruption OF the compact tho Ian Assoc'auo"
,.i,g n largo number OF companies. reorgauizcd ana
81 a,o. on some Of the heaviest mercantile and manu-
,,ruc interests OF this district but the number OF
u risk, not included In the ratings was so great thac
Tho war OF rates began instantly and mas peeh carried on
aver since with lcrceness saln 10 DC unp"i""e'ou III
,,a c,,v The Tariff Association met yesterday Nearly
smber attended with the feeling that this was the
,a meeting the Association would hoid; ana yet uero
vas also tho feeling that II some strong wise propoSoh
ii, hs made by which the impending war between the
oon,nies could he checked limited everybody would
Ia only TOO ready 10 assent to IT, Ater iohg uooac
4, o. dnally voted TO appoint committee OF hiteen 70
hsemss the Whole situation and report ways ana means
@ Tic organization and carrying on lis WORK
rho General feeling that the compact UNDERTOOK 700
,n"cb and that a smaller number or companies couIu
% an an alton which, although not embracing
so many risks In It's ratings, womb noi on. uon
yeater promise OF long life by the very moderation '
sieadJIh Nv The competition OF outside companies
Tbc committee TO obtain signatures 10 tno Iuics VI s
ne" staie or nation had signed the agreement and
that the majority In number Oh l'c guy
La siSned The preponderance or assets was even
srso Than that OF numbers. and one member
susrssted that. whether the Tariff Association made any
su5e for its members not. they would at
lnsst have tho proud reflection that they be-
ongcd the arsoeracy who dcupess have
lie nacipg OF thrceiourhs or the business Oh ths as
associations might give peierchce W one
n,Lsr 20 that members OF the Brokers 6oaru wouu re
aeIve larger commission than any other brokers ana
,nawhers of the Tariff Association would receive All inc
imi"es, OF the preferred brokers' one member re-
narked that he hoped never 10 see ahother association
~hsre the whole crowd would stand trembling III terror
st so,ns one member might withdraw ana break UP the
..socation but that membership In tho new organiza
ton ought 10 be valuable that any member taxing
d,shonorabe advantage OF another menoer wouio
10 the trembling himself for fear that no migh'
Sc expelled. IL stated that many merchants
I'm dry goods district feit tnat rating
ms had scrninated too heavily against mem
, ~ the new association would freely confer with the
business men and manufacturers 1t would not De uic
~ arrive at fair understanding by which the property
would be satisfied with the rates made by the as
soeation and that the merchants wero AFRAID or the re
Iii ~ an insurance as much rs the underwrier'
th.mseyes Before the organization or the compact II
Vas for OF the large merchants ana man
ncuers sufficiently to protecttheit property whlhsur
nee MANY companies had since come into the state and
e. was now not difficult insure the largest risk In the
city general decentralization would certainly lead e
The withdrawal OF numerous companies from nis city a
ns The case system OF ratings was enuroly aDan
| doned by underwriters some years ago
| The Lion Insurance Company of England, ana tnf
Scottish Union Insurance Company one OF tnt
| their agencies from this city within a week, ant
IL is known that number OF companies OF other state
hadconempated doing the same unless reasonable rate
and brok can be maintained The general feeling
among underwriters yesterday afternoon wasnnch more
hopefl than IL has been At any time dnring the pas
week aud great confidence WAS expressed In the result
of the deliberations or be committed OF fifteen which the
Tariff Association voted 10 appoint Indeed the detormi
nation OF the association most clearly expressed D.
orr .ring the regular committee on the PRONUNCIATION
rates 10 send large number of new ratings carr
next week.